The nominal exchange rate of the Armenian dram with major currencies was fairly stable between 1998 and 2003; however, it strengthened sharply starting in 2004, recording around 46% nominal appreciation against the U.

The nominal exchange rate of the Armenian dram with major currencies was fairly stable between 1998 and 2003; however, it has strengthened sharply starting in 2004, recording around 46% nominal appreciation against the U.

The European Bank for Reconstruction and Development (EBRD) has issued its first-ever bond in Armenian Dram (AMD), helping to drive forward the development of the local capital market and providing funds for the EBRD s own lending to the Armenian economy in local currency.

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